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Dollar may trade at N500 soon – Melaye

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The Senator representing Kogi West Senatorial district, Dino Melaye, has said that dollar may soon trade at N500 if the right measures are not put in place with the 2019 appropriation bill. Dino made this known during the plenary session today, March 13th, while contributing to a debate on the N8.83 trillion budget.

He went on to say that the Budget is chaos as it does not have any plan for the poor.

In his own word:

The appropriation is unrealistic by many indications.

This budget is one Nigerians should be ‘sorry about’ as it does not bear any plan for the poor.

“We have to look at the state of the economy and provisions of the budget there in. Federal Government spent $41 billion to cushion and stabilise the naira. How long can we continue to live in sin and grace continue to abound?

“We do not have any reserve to continue devaluation of naira. Oil price has dropped to 50 from 60 (dollars per barrel). This is very significant and makes the projection of the 2019 budget unrealistic.

“There is a drop in Internally Generated Revenue and the revenue of customs. Federal government has no money to subsidise fuel. In the midst of this calamitous situation, how do we now finance the 2019 budget? Are we going to fund the budget based on daily contribution? Are we going borrow again? These are questions begging for answer. I want to announce to Nigerians, despite the hypocrisy of the federal government, despite the lies, I prophecy to you that the federal government will soon deregulate. Inflation is on the rise, unemployment in on the increase, yet we have a budget that has nothing for the poor masses of this country,”

“There is no longer foreign investments. I announce to you that with all these indices and yard sticks, by the end of May, except there is a miracle, dollar will rise to N500 to 1 dollar. Because we have depleted our foreign reserve. We are a borrowing nation.”

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